How Long Do Mistakes Affect Your Credit Score?

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To err is human, we all learn that painful lesson fairly young. But with all the lessons we learn in school and at home, how often have we received instructions on what credit mistakes to avoid? Most likely never. Credit mistakes can do some major damage to your credit score which can affect your financial life in many ways. While the mistakes are fixable—more on that in a minute—it’s best to avoid making them whenever possible.

 

What is a Credit Score Exactly?

Before we dive into what mistakes negatively affect your credit score, it can be helpful to understand what a credit score actually is. One of the biggest misconceptions is that your FICO Score is your one and only credit score. While people often refer to a credit score as a FICO Score, there are many types of credit scoring models used by different scoring companies and lenders. The reason you hear about FICO’s…

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